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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 7, 2026 | ByteTree Asset Management | 0.0% | 0.0% | BARRY.SW, BHMG.L, BRWM.L, DEO, NESN.SW, PHP.L, RCP.L | commodities, diversification, Dollar, global, gold, Japan, Quality, value | Gold beat all major equity markets in 2025, driven primarily by geopolitical concerns and record purchases by the People's Bank of China seeking neutral reserve assets. The Whisky Portfolio held significant exposure to gold mining stocks and silver, which was reduced from 38% in October to 20.6% as precious metals enter a more volatile phase. The manager emphasizes finding value across countries, asset classes, and sectors, focusing on deep value opportunities. GMO forecasts favor deep value investing, especially in small-caps in Japan and emerging markets. The approach consistently seeks opportunities backed by fundamental value rather than following momentum. The dollar had a weak year in 2025, with the Euro rising 13.4%, Pound 7.6%, and Renminbi 4.4% against it. This weak dollar was a tailwind for stockmarkets and particularly beneficial for gold prices, while Bitcoin fell despite normally being inversely sensitive to dollar strength. Japan remains a high-conviction overweight position. The normalisation of the bond market with a cheap currency should lead to strong long-term performance. Japanese equities have been the worst place to invest since 1990, and this should change as yields rise at the fastest pace in years. The manager is focused on broadening exposure to industrial metals and eventually other commodities including energy and agriculture. Commodities tend to move as a group, and this cycle is expected to be no different. The BlackRock Mining Trust returned 67% as mining stocks had their best run since 2016. The ByteTree Quality Portfolio focuses on the highest quality companies with very high conviction in their future performance that could reasonably be held for decades. The discipline of what not to invest in is just as important as what to invest in, especially given current market valuations. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||